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EMG Holdings, L.P.

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13F filer, CIK 1478394, OLD GREENWICH, CT

EMG Holdings, L.P. reported $135,245,041 across 27 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 75.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001478394-26-000001

Period
2025-12-31
Reported value
$135M
Holdings
27
Top 10 weight
75.79%
New
14
Sold out
13

Part of the filer group EMG Holdings, L.P.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RDNnew+120,000$4.32M
CPTnew+38,700$4.26M
FNDnew+58,137$3.54M
MAAnew+24,800$3.44M
CVCOnew+5,043$2.98M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SKYreduced-138,066-$11.7M
ARRexited-714,416-$10.7M
DXexited-695,711-$8.55M
HYGexited-83,566-$6.78M
PFSIreduced-32,132-$4.24M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001478394-26-000001, largest first. % of portfolio is the value over $62,618,111, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EFCELLINGTON FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 927,141 shares; 2024Q4: 927,141 shares; 2025Q1: 927,141 shares; 2025Q2: 961,018 shares; 2025Q3: 961,018 shares; 2025Q4: 961,018 shares 961,018$13.1M20.84%0Timeline
MFAMFA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 457,445 shares; 2024Q4: 218,100 shares; 2025Q1: 608,054 shares; 2025Q2: 979,969 shares; 2025Q3: 1,062,035 shares; 2025Q4: 719,478 shares 719,478$6.7M10.7%-342,557Timeline
RDNRADIAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 120,000 shares 120,000$4.32M6.9%newTimeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 38,700 shares 38,700$4.26M6.8%newTimeline
FNDFLOOR & DECOR HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 58,137 shares 58,137$3.54M5.65%newTimeline
MHOM/I HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 68,301 shares; 2025Q3: 17,810 shares; 2025Q4: 27,529 shares 27,529$3.52M5.63%+9,719Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 24,800 shares 24,800$3.44M5.5%newTimeline
CVCOCAVCO INDS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,043 shares 5,043$2.98M4.76%newTimeline
MASMASCO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 45,000 shares 45,000$2.86M4.56%newTimeline
OCOWENS CORNING NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 27,000 shares; 2025Q1: 31,359 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 24,893 shares 24,893$2.79M4.45%newTimeline
SKYCHAMPION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 169,895 shares; 2025Q4: 31,829 shares 31,829$2.69M4.3%-138,066Timeline
PFSIPENNYMAC FINL SVCS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,649 shares; 2024Q4: not reported; 2025Q1: 64,580 shares; 2025Q2: not reported; 2025Q3: 52,132 shares; 2025Q4: 20,000 shares 20,000$2.64M4.21%-32,132Timeline
TREXTREX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 60,000 shares 60,000$2.1M3.36%newTimeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 250 shares 250$1.82M2.91%newTimeline
TMHCTAYLOR MORRISON HOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 93,000 shares; 2024Q4: 99,173 shares; 2025Q1: 165,000 shares; 2025Q2: 95,000 shares; 2025Q3: 80,000 shares; 2025Q4: 30,000 shares 30,000$1.77M2.82%-50,000Timeline
CCSCENTURY COMMUNITIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 35,000 shares; 2025Q3: not reported; 2025Q4: 13,821 shares 13,821$820K1.31%newTimeline
EARNELLINGTON CREDIT COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 149,086 shares; 2024Q4: 149,086 shares; 2025Q1: 149,086 shares; 2025Q2: 149,086 shares; 2025Q3: 149,086 shares; 2025Q4: 149,086 shares 149,086$786K1.25%0Timeline
OPRTOPORTUN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 711,631 shares; 2024Q4: 623,223 shares; 2025Q1: 139,172 shares; 2025Q2: 139,172 shares; 2025Q3: 139,172 shares; 2025Q4: 139,172 shares 139,172$736K1.18%0Timeline
LEGHLEGACY HOUSING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 17,524 shares 17,524$342K0.55%newTimeline
BLNEBEELINE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 195,780 shares; 2025Q2: 195,780 shares; 2025Q3: 195,780 shares; 2025Q4: 195,781 shares 195,781$337K0.54%+1Timeline
MBCMASTERBRAND INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 196,082 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 165,100 shares; 2025Q4: 10,566 shares 10,566$117K0.19%-154,534Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
IWMISHARES TR SHSput100,000$24.6M-70,000
SPYSTATE STR SPDR S&P 500 ETF T SHSput30,000$20.5M-70,000
DHID R HORTON INC Stockput100,000$14.4Mnew
ITBISHARES TR US HOME CONS ETFput100,000$9.63Mnew
SRLNSSGA ACTIVE ETF TR BLACKSTONE SENRput85,300$3.52Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
PENNYMAC CORPPENNYMAC CORP NOTE 5.500% 3/1principal1,000,000$1M0

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
XLFSELECT SECTOR SPDR TR500,000$26.9Mput
CCLCARNIVAL CORP580,000$16.8Mput
ARRARMOUR RESIDENTIAL REIT INC714,416$10.7Mshares
DXDYNEX CAP INC695,711$8.55Mshares
SKYCHAMPION HOMES INC100,000$7.64Mcall
ARRARMOUR RESIDENTIAL REIT INC500,000$7.47Mcall
HYGISHARES TR83,566$6.78Mshares
AALAMERICAN AIRLINES GROUP INC400,000$4.5Mput
COMPCOMPASS INC460,802$3.7Mshares
UWMCUWM HOLDINGS CORPORATION565,589$3.44Mshares
SGISOMNIGROUP INTERNATIONAL INC35,000$2.95Mshares
LOWLOWES COS INC10,000$2.51Mshares
INVHINVITATION HOMES INC44,800$1.31Mcall

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001478394-26-000001 base2026-02-17acceptance time not in the bulk data set